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Dec 30, 2012
12/12
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cliff of large spending cuts and tax increases. >> find some wo avoid the fiscal cliff, to avoiddoing anything that would contract the economy now. >> does that mean extending the tax cuts? >> the real issue is not whether they should be extended for another few months. the real issue is whether the price the republican house will put on that extension is the permanent extension of the tax cuts. >> grur going to extend the tax cuts you're going to have 3.8 trlion added in ten years to the $16 trillion we already owe. i mean, have a drink. >> we can't keep giving the middle class tax cuts like the president says he wants to do and romney says he wants to do when we got -- when we have a trillion dollar deficit. >> just a few days before the election day and you're analysis of the polls have given the president better than 80%hance of winning re-election? >> the fact that the president leads in the polls in ohio and iowatates where you would need -- he would need to win 207 electoral votes means he's the favorite in the electoral college. >> this is the era of flation. bernanke is writi
cliff of large spending cuts and tax increases. >> find some wo avoid the fiscal cliff, to avoiddoing anything that would contract the economy now. >> does that mean extending the tax cuts? >> the real issue is not whether they should be extended for another few months. the real issue is whether the price the republican house will put on that extension is the permanent extension of the tax cuts. >> grur going to extend the tax cuts you're going to have 3.8 trlion added...
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Dec 28, 2012
12/12
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KCSM
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the fiscal cliff would trigger tax increases and government spending cuts in january, leaving far less money in the economy. the international monetary fund warrants of knock on effects for the global economy. -- warns of knock on effects for the global economy. the pressure is on in washington to agree on a plan. only then might the applause on wall street be a little more genuine. >> with the clock ticking ever more loudly in washington, let's bring in our correspondent. first off, are the prospects of an agreement as dim as we are hearing, or could there be a last-minute deal? then of course this could happen, but i think it is quite unlikely. there is an increased pessimism that a deal can be achieved in washington, d.c. from my perspective, i think washington moves too slowly. tax rates will go for all americans, and cuts will go into effect by the end of this year, and we will see no more unemployment benefits for about 2 million americans. >> there are some technicalities here. what are the government's contingency plans? for example, how will it go about paying bills if no deal
the fiscal cliff would trigger tax increases and government spending cuts in january, leaving far less money in the economy. the international monetary fund warrants of knock on effects for the global economy. -- warns of knock on effects for the global economy. the pressure is on in washington to agree on a plan. only then might the applause on wall street be a little more genuine. >> with the clock ticking ever more loudly in washington, let's bring in our correspondent. first off, are...
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Aug 22, 2012
08/12
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FBC
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the cbo also says failure to avoid a fiscal cliff will cause gross domestic production to shrink half a percent and eliminate the 2,000 jobs. the multibillion-dollar patent trial between apple and samsung is now on the hands of a california jury. been in a heated battle in which apple accused samsung of violating numerous patents. negotiations on a new collective bargaining a renter in the national hockey league and the union representatives were called off for today. no reason was given for the sudden cancellation. doctors his will to resume thursday. the current agreement expires september 15th. we continue our "countdown to the closing bell" with a hockey fan liz claman. liz: yes, i am. when we need to talk about hitting a brand new high. nicole petallides on the floor of the new york stock exchange. >> reporter: looking at american eagle outfitters, this name doing so well moving to a 4-year highs. the profit that they have seen so far is beating the analyst estimates, now raising their guidance. also talking about the back-to-school, looking good, and preparing for that with thes
the cbo also says failure to avoid a fiscal cliff will cause gross domestic production to shrink half a percent and eliminate the 2,000 jobs. the multibillion-dollar patent trial between apple and samsung is now on the hands of a california jury. been in a heated battle in which apple accused samsung of violating numerous patents. negotiations on a new collective bargaining a renter in the national hockey league and the union representatives were called off for today. no reason was given for...
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Sep 24, 2012
09/12
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CNNW
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the spending cuts when you look at the fiscal cliff spending cuts it is government salaries, private sector contracts, food safety. they will have to squeeze money out of all of those areas, fbi, fema. food assistance, education grants. they will be taking a hatchet and just cutting programs so that they can abide by the law, the law to cut all of these costs. >> those look like the obvious big chunks. when you go to another chunk and that is research and development. can you sort of outline for me what sort of a tipping point is that? >> so a lot of people who follow science and innovation are concerned. if we are going to lead into the next century we have to maintain our innovative edge. the fiscal cliff will mean big cuts to federally funded research. and this is the way one of the industry groups has looked at this. 200,000 job cuts by next year. the cost of gdp could be $860 billion. so what does that mean? how much is that? if you look at the low end of estimates for what the economy will be hurt, how badly hurt by just cuts it is six months of new vehicle perches, two years o
the spending cuts when you look at the fiscal cliff spending cuts it is government salaries, private sector contracts, food safety. they will have to squeeze money out of all of those areas, fbi, fema. food assistance, education grants. they will be taking a hatchet and just cutting programs so that they can abide by the law, the law to cut all of these costs. >> those look like the obvious big chunks. when you go to another chunk and that is research and development. can you sort of...
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Jul 25, 2012
07/12
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CNBC
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again, we passed a bill dealing with the spending side of the fiscal cliff and cut spending in other areas. we're also extending tax legislation so get to tax reform next year. the senate will have none of it and the president has yet to offer a solution to these problems. he's not leading at all. that's our frustration as well, maria, we passed budgets, dealt with the problem, here is how we cut spending, get the balance down, here is how we reform the tax code, not a single alternative passing on the senate. so we're stuck with this current situation and the law that is broke listen come up on november 6th to decide what future they want. and we're saying here is what we will do, here is tax policy, spending policy, sequestered fiscal cliff. we're trying to be as clear as possible to the country about what they get if they support us. >> let's talk about health care, give me your take in terms of the expense and what this means for business, the health care legislation? >> i hate to sound like a broken record, but what john roberts said and i don't agree with, is that it's up to th
again, we passed a bill dealing with the spending side of the fiscal cliff and cut spending in other areas. we're also extending tax legislation so get to tax reform next year. the senate will have none of it and the president has yet to offer a solution to these problems. he's not leading at all. that's our frustration as well, maria, we passed budgets, dealt with the problem, here is how we cut spending, get the balance down, here is how we reform the tax code, not a single alternative...
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Dec 1, 2012
12/12
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CNNW
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. >> we're now a month away from the so called fiscal cliff. a drastic combination of mandatory spending cuts and tax hikes that could plunge the united states back into a recession. while there are plenty of hard w0rds from both sides, some terms of a possible zeal are making the rounds. kate bolduan has been following the back and fourth. >> don't get too excited about that, there's only one way to avoid the fiscal cliff. spending cuts and tax hikes. house republicans and president obama need to strike a deal on reducing the national debt. they have soundly rejected a white house offer that included $1.6 trillion in revenue, $400 billion in medicare and other entitlement savings, as well as a permanent increase in the debt limit among other things. so far, the rhetoric has not softened. treasury secretary tim geithner arriving on capitol hill for high level talks, most notably with house speaker john boehner. >> good morning, everyone. >> how did it go? just listen. >> despite the claims that the president supports a balanced approach, the de
. >> we're now a month away from the so called fiscal cliff. a drastic combination of mandatory spending cuts and tax hikes that could plunge the united states back into a recession. while there are plenty of hard w0rds from both sides, some terms of a possible zeal are making the rounds. kate bolduan has been following the back and fourth. >> don't get too excited about that, there's only one way to avoid the fiscal cliff. spending cuts and tax hikes. house republicans and...
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Nov 30, 2012
11/12
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FOXNEWSW
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spending cuts at the end of the fiscal year. it has really shocked republicans this year on capitol hill. they say it calls for, for one thing, $1.6 trillion in new tax hikes over a decade. it is also stimulus spending and the spending cuts. both sides are necessary to reduce the deficit. those the president would largely tackle later perhaps next year. >> first despite the claims that the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. no substantive progress has been made in the talks between the white house and the house over the last two weeks. listen, this is not a game. jobs are on the line. the american economy is on the line and this is a moment for adult leadership. >> perhaps most su prirprising the white house proposal to get the president just about unlimited power to raise the nation's debt sealiceiling and w more and more money unless they reject. these will be tough negotiations ahead. we got a little sample of this yesterday from senate majority leader talki
spending cuts at the end of the fiscal year. it has really shocked republicans this year on capitol hill. they say it calls for, for one thing, $1.6 trillion in new tax hikes over a decade. it is also stimulus spending and the spending cuts. both sides are necessary to reduce the deficit. those the president would largely tackle later perhaps next year. >> first despite the claims that the president supports a balanced approach, the democrats have yet to get serious about real spending...
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Nov 6, 2012
11/12
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KCSM
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regarding the fiscal cliff threatening the u.s. he said american official leaders have promised to minimize the global consequences of official tightening. >>> president barack obama and mitt romney are making their final pitches before americans head to the polls. obama visited three swing states. he told a crowd in wisconsin that romney would resurrect the republican policies of four years ago and preserve tax cuts for the wealthy. >> it's a choice between returning to the top down policies that crashed our economy or a future that's built on providing opportunity to everybody and growing a strong middle class. >> romney also campaigned in swing states. he told an audience in florida that obama had failed to deliver on promises to reduce the economic burden on americans. >> tomorrow we begin a new tomorrow. tomorrow we begin a better tomorrow. this nation is going to begin to change for the better tomorrow. >> the latest poll from abc news and the washington post suggests 50% of likely voters will cast their ballots for obama. 47
regarding the fiscal cliff threatening the u.s. he said american official leaders have promised to minimize the global consequences of official tightening. >>> president barack obama and mitt romney are making their final pitches before americans head to the polls. obama visited three swing states. he told a crowd in wisconsin that romney would resurrect the republican policies of four years ago and preserve tax cuts for the wealthy. >> it's a choice between returning to the top...
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Nov 26, 2012
11/12
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CNBC
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and the fiscal cliff. how are we going to rise above when you take certain things off the table? >> also, after the bell, americans spending billions of dollars this holiday season on their pets. we'll speak exclusively to the ceo of one of the companies cashing in on that. >> look at that kitty. >> the cats are being left out. you're watching cnbc first in business worldwide. if we want e our schools... ... what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. look this isn't my first christmas. these deals all seem great at the time... but later, not so much. this isn't that kind of deal. [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. or that printing in color had to cost a fortune. nobody said an all-in-one
and the fiscal cliff. how are we going to rise above when you take certain things off the table? >> also, after the bell, americans spending billions of dollars this holiday season on their pets. we'll speak exclusively to the ceo of one of the companies cashing in on that. >> look at that kitty. >> the cats are being left out. you're watching cnbc first in business worldwide. if we want e our schools... ... what should we invest in? maybe new buildings? what about updated...
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Nov 21, 2012
11/12
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KCSM
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the fiscal cliff and everyone is talking about it including the u.s. federal reserve chairman ben bernanke. he warned the imminent fiscal cliff poses a stashlg threat to the nation's economy and does say cooperation to resolve budget worries could boost u.s. growth. >> the realization of all of the automatic tax increases and spending cuts that make up the fiscal cliff ab isn't offsetting changes would pose a substantial threat to the recovery. >> the central bank chief urged the government and congressional leaders to take prompt action. president obama is negotiating for a resolution with republicans but bernanke says delays in reaching an agreement would raise uncertainty over the u.s. economic outlook. he added avoiding a fiscal cliff is essential for the american economy. bernanke says a plan for resolving the nation's longer term budgetary issues without harming recovery could make 2013 a very good year for americans. japan's trade balance for october sank into the red for a fourth straight month. exports plunged due to a slowdown in the global e
the fiscal cliff and everyone is talking about it including the u.s. federal reserve chairman ben bernanke. he warned the imminent fiscal cliff poses a stashlg threat to the nation's economy and does say cooperation to resolve budget worries could boost u.s. growth. >> the realization of all of the automatic tax increases and spending cuts that make up the fiscal cliff ab isn't offsetting changes would pose a substantial threat to the recovery. >> the central bank chief urged the...
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Nov 9, 2012
11/12
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KNTV
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. >> on january 21st, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases. >> reporter: so what exactly is the fiscal cliff? it's a nightmare combination of tax hikes and spending cuts that congress and the president agreed to to force themselves into a compromise, but so far they haven't agreed on anything. so barring a last-minute fix at the stroke of midnight on new year's eve the bush tax cuts expire, the alternative minimum tax kicks in, more than half of all married couples with two children would owe and additional $4,000 in taxes a year. for those with three or more children that jumps to $4700. on top of that, the 2011 temporary payroll tax cut would expire. so add on a 2% tax increase for most workers. then there would be automatic spending cuts in 1,000 government programs, including defense, medicare, extended unemployment benefits. everything but veterans benefits, social security, and federal pensions. economists say that combination would act as a brake on the economy throwing it back into recession and could cause a market crash. >
. >> on january 21st, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases. >> reporter: so what exactly is the fiscal cliff? it's a nightmare combination of tax hikes and spending cuts that congress and the president agreed to to force themselves into a compromise, but so far they haven't agreed on anything. so barring a last-minute fix at the stroke of midnight on new year's eve the bush tax cuts expire, the alternative minimum tax kicks in,...
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Nov 23, 2012
11/12
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KRCB
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fiscal cliff," end quote. here's what he was describing: on january 1, 2013, tax breaks worth $416 billion will expire. spending on things like defense, medicare payments to doctors will be slashed by $65 billion. add it all up and you are talking about cutting roughly half a trillion dollars from the federal budget. the congressional budget office and others warn going over the cliff will send the economy into a recession in the first half of next year. it was congress and the white house that set the deadline in hopes of forcing each other to cut the federal budget deficit and begin to address the growing national debt. of the half trillion dollars the fiscal cliff is designed to cut in red ink next year, 80% of it comes in the form of higher taxes. under current law, 20% comes from lowering government spending. this is just the first step as part of a $7 trillion effort to cut the debt over the next decade. that has led some to describe what could be coming as a fiscal slope, not a cliff. whatever geologica
fiscal cliff," end quote. here's what he was describing: on january 1, 2013, tax breaks worth $416 billion will expire. spending on things like defense, medicare payments to doctors will be slashed by $65 billion. add it all up and you are talking about cutting roughly half a trillion dollars from the federal budget. the congressional budget office and others warn going over the cliff will send the economy into a recession in the first half of next year. it was congress and the white house...
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Dec 26, 2012
12/12
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CNBC
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and not deal with the fiscal cliff but deal with spending bills to clean up new york and connecticut and new jersey from hurricane sandy and reauthorize some intelligence bills. so i mean, there's no real deal in the offing. there's nothing going on behind the scenes that would lead us to believe that anything would get done before january 1. >> all right. josh, out to you. obviously a lot of the discussion has been around the kind of deal that we would get if we do get something. if a deal does come through, it -- more likely will not be comprehensive, right? there's going to be a lot of negotiating that occurs after the first of the year. i guess my question to you is, does this leave the markets open to turmoil and more volatility as we head into january? >> the markets are going to be left open to turmoil and volatility, period. what we've seen is that despite the stakes getting higher, this isn't a game of poker but one of go fish. and no one seems to be fishing their wish. republicans are working with a weaker hand because they have to do a deal that involves a greater democrat
and not deal with the fiscal cliff but deal with spending bills to clean up new york and connecticut and new jersey from hurricane sandy and reauthorize some intelligence bills. so i mean, there's no real deal in the offing. there's nothing going on behind the scenes that would lead us to believe that anything would get done before january 1. >> all right. josh, out to you. obviously a lot of the discussion has been around the kind of deal that we would get if we do get something. if a...
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Nov 15, 2012
11/12
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CNBC
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i mean, do we need to go over the fiscal cliff with the four spending cuts and tax hikes to get things moving? >> there are leaders in both parties who think it would be to their advantage to go off the fiscal cliff. what a wonderful trait that is. we can win more as democrats if we let it go over. we can win more as republicans. this whole game is about win or lose. it's not about america. it's about how do we make the dems lose and how do we make the republicans lose. people are sick of that, and they're ashamed to have and disgusted. they show that time after time. i can tell you, you can't believe what we've dug up. when you get a vote from dick durbin of illinois and a vote from tom coburn of oklahoma, you get five democrats, five republicans, one independent, 60% of this group that vote for this, you know you're on the right track. >> maria, if we go over this fiscal cliff and don't get a deal immediately, what's the economic effects next year? you know, we've talked about some of the qualitative effects. quantitatively, you know, economic growth will be reduced by about 3%. we'r
i mean, do we need to go over the fiscal cliff with the four spending cuts and tax hikes to get things moving? >> there are leaders in both parties who think it would be to their advantage to go off the fiscal cliff. what a wonderful trait that is. we can win more as democrats if we let it go over. we can win more as republicans. this whole game is about win or lose. it's not about america. it's about how do we make the dems lose and how do we make the republicans lose. people are sick of...
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Dec 31, 2012
12/12
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CNBC
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the revenue side of the fiscal cliff $520 billion, spending side, $130 billion. some piece of that is going to go away if indeed they do end up capping the increases of those at $400,000, 450 and above. we don't know how much. perhaps the vast bulk of it could go away. no discussion on wlornt automatic spending cuts for this year would be affected at all. there's the total 650. impact of the total fiscal cliff this year and by way of contrast or comparison, here is the gdp effect. we gained in nominal terms and that's why going over the cliff means negative growth, it means a recession. here is some of the detail of what we ever talking about here. 620 billion. that's the total revenue. depends on which numbers you use. moving on, per capitia effect, it affects different people differently. 26.2 million is the number of americans that will see an increase in taxes subject to amt that alternate taxation system without a patch. listen to whether or not that is part of the fix they are talking about. 2.1 million americans losing extended unemployment benefits. that
the revenue side of the fiscal cliff $520 billion, spending side, $130 billion. some piece of that is going to go away if indeed they do end up capping the increases of those at $400,000, 450 and above. we don't know how much. perhaps the vast bulk of it could go away. no discussion on wlornt automatic spending cuts for this year would be affected at all. there's the total 650. impact of the total fiscal cliff this year and by way of contrast or comparison, here is the gdp effect. we gained in...
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Aug 26, 2012
08/12
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CNBC
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they're ignoring all these important issues like the fiscal cliff. we need to see actual policy on taxes, on the spending programs. >> i agree. i wouldn't say just the white house. i think it's the white house and congress are equally culpable. to some degree congress has made it its mandate to make this president unsuccessful which i think doesn't strike me as a very possible policy. >> you had a slow melt up in the stock market, so the market is going higher. i guess on the fed or on the corporate balance sheets which appear to be very strong, how do you think this market plays out heading into the election? >> i think we're going to have a sideways market. we've had a nice melt up but i think we're about to go into a period of incredible uncertainty, negative campaigning. europe is starting to show up in the headlines. the market tends to trade with fear or lack of fear with europe these days. >> this week the nonpartisan congressional budget office had two pieces of news. two notable points. one that the deficit will hit $1.1 trillion again this
they're ignoring all these important issues like the fiscal cliff. we need to see actual policy on taxes, on the spending programs. >> i agree. i wouldn't say just the white house. i think it's the white house and congress are equally culpable. to some degree congress has made it its mandate to make this president unsuccessful which i think doesn't strike me as a very possible policy. >> you had a slow melt up in the stock market, so the market is going higher. i guess on the fed or...
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Nov 9, 2012
11/12
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KNTV
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now comes the hard part. >> on january one, 2013, there will be a massive fiscal cliff of large spending cuts and tax increases. >> reporter: the economy could go off that cliff. so what exactly is the fiscal cliff? it is a nightmare combination of tax hikes and spending cuts that congress and the president agreed to. to force themselves into a compromise. but so far, they have not agreed on anything. so barring a last-minute fix at the stroke of midnight on new year's eve, the bush tax cuts expire. the alternative minimum tax kicks in. more than half of all married couples with two children would owe an additional $4,000 in taxes per year, for those with three children or more, that jumps to $4700. on top of that, the payroll tax cut would expire. so add on a 2% tax increase for most workers, with automatic spending cuts in a thousand government programs, including defense, medicare, extended unemployment benefits. everything but veteran's benefits and social security, and federal pensions congress says that action would act as a break on the economy, throwing it back into recession and
now comes the hard part. >> on january one, 2013, there will be a massive fiscal cliff of large spending cuts and tax increases. >> reporter: the economy could go off that cliff. so what exactly is the fiscal cliff? it is a nightmare combination of tax hikes and spending cuts that congress and the president agreed to. to force themselves into a compromise. but so far, they have not agreed on anything. so barring a last-minute fix at the stroke of midnight on new year's eve, the bush...
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Dec 23, 2012
12/12
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FOXNEWSW
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we saw a drop-off of spending as the fiscal cliff seemed to be more and more real as all the talks fell apart. >> gregg: we are seeing other things. average work weeks in some regions shrinking, online job posting may be declining, think that i was in minnesota and insurance claims are rising? >> they are tough to read the tea leaves but what we are seeing is consumers which is the driving engine of this economy, three-quarters of g.d.p. is consumer spending, we are seeing consumers, we got record traffic but they are not spending. this next couple of days, one more shopping day until christmas, usually about 10% of consumers spend on that day. also looking for the big deals. that is another thing we are sees retailers putting discounts late in the season. that may mean fewer jobs in the future. >> gregg: the question is, as we said, how do we stimulate growth in the higher paying technology and manufacturing sectors? >> first of all before we ring the death bell on manufacturing, u.s. is above china. we are seeing a resurgence of factory jobs, guess where. >> gregg: southeast. >> why.
we saw a drop-off of spending as the fiscal cliff seemed to be more and more real as all the talks fell apart. >> gregg: we are seeing other things. average work weeks in some regions shrinking, online job posting may be declining, think that i was in minnesota and insurance claims are rising? >> they are tough to read the tea leaves but what we are seeing is consumers which is the driving engine of this economy, three-quarters of g.d.p. is consumer spending, we are seeing...
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Dec 3, 2012
12/12
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FOXNEWSW
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it is a republican compromise solution to the impending fiscal cliff. spending cut and tax increases that both sides mean would mean recession. after what both sides called a frustrating weekend. today's development don't appear to break a log jam. not yet. ed henry begins our coverage. >> reporter: good evening. they are saying the plan is ridiculous, so much so they will not offer counterproposal to the g.o.p. counterproposal and say tonight unless speaker boehner gives in on raising taxes on the rich, the president is ready to go off the cliff. >> right now i'd say we are nowhere, period. nowhere. >> john boehner declaring a stalemate in an exclusive with fox, as republicans teed off on president obama first offer that included new spending plus 1.6 trillion in tax hikes. totally unacceptable. >> i think we are going over the cliff. it's clear to me they made political calculation. white house officials insisted disaster could be amended and demanded a counter offer on the table. >> what we hope for is specificity from the republicans. >> an hour lat
it is a republican compromise solution to the impending fiscal cliff. spending cut and tax increases that both sides mean would mean recession. after what both sides called a frustrating weekend. today's development don't appear to break a log jam. not yet. ed henry begins our coverage. >> reporter: good evening. they are saying the plan is ridiculous, so much so they will not offer counterproposal to the g.o.p. counterproposal and say tonight unless speaker boehner gives in on raising...
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126
Dec 28, 2012
12/12
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CNBC
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cliff. >> spending cuts this is based on good intentions, a framework or agree to agree to spending cuts down the road and this is the criticism that historically, sort of ad nauseam, that there are those good intentions that never through. >> all of the republicans will hear grover norquist recite over and over, every time they promise spending cuts in exchange for tax hikes, the tax hikes came, the spending cuts never came. >> and how long will the road be in terms of what the subpoenaing cuts might or might not be? that will prolong the uncertainty in the market. and with the ceo conference call in the 6:00 hour, that should be very interesting. will we feel the effect of this in the first quarter earnings and gdp, other economic data points. >> it puts republican caucus in the house in the position of having to decide whether no deal is better than a bad deal. >> you know, melissa, if i could chime in, one thing, you didn't hear the president talking about the debt ceiling, and the treasury secretary says we'll start running up against the debt ceiling on monday. that's a very c
cliff. >> spending cuts this is based on good intentions, a framework or agree to agree to spending cuts down the road and this is the criticism that historically, sort of ad nauseam, that there are those good intentions that never through. >> all of the republicans will hear grover norquist recite over and over, every time they promise spending cuts in exchange for tax hikes, the tax hikes came, the spending cuts never came. >> and how long will the road be in terms of what...
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Nov 21, 2012
11/12
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KCSMMHZ
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that's to avoid a fiscal cliff which may result in a significant reduction in defense spending. the fiscal cliff is a term used to illustrate drastic fiscal tightening if congress fails to reach an agreement by year's end. such a situation is feared to trigger a plunge in the economy. panetta warned that defense spending will be subject to drastic cuts if lawmakers failed to reach a consensus. >> the worst thing that could happen from my perspective is that they just kick the can down the road. all that would wind up doing is continuing to present a shadow over the defense department and for that matter, the rest of government. >> the defense department is already planning to reduce its budget by about $500 billion over the coming ten years. panetta has voiced concern that further cuts could undermine barack obama's new defense strategy that lays more emphasis on the asia pacific region. >>> japanese officials are scratching their heads about how to deal with sluggish trade. sales to foreign countries have plunged leaving japan in a trade deficit for the fourth straight month. f
that's to avoid a fiscal cliff which may result in a significant reduction in defense spending. the fiscal cliff is a term used to illustrate drastic fiscal tightening if congress fails to reach an agreement by year's end. such a situation is feared to trigger a plunge in the economy. panetta warned that defense spending will be subject to drastic cuts if lawmakers failed to reach a consensus. >> the worst thing that could happen from my perspective is that they just kick the can down the...
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Nov 9, 2012
11/12
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MSNBCW
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. >> on january 1st, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases. >> reporter: so what exactly is the fiscal cliff? it's night mare combination of tax hikes and spending cuts the president agreed to to force themselves into a compromise. so far, they haven't agreed on anything. so barring a last-minute fix at the stroke of midnight on new year's eve, the bush tax cuts expeer. the alternative minimum tax kicks in. more than half of all married couples with two children would owe an additional $4,000 in taxes each year. those with three or more children, that jumps to $4700. on top of that, the 2011 temporary payroll tax cut would expire, so add on a 2% tax increase for most workers. then there would be automatic spending cuts in 1,000 government program, including defense, medicare, extended unemployment benefits. everything but veteran's benefits, social security, and federal pensions. economists say that combination would act as a break on the economy, throwing it back into recession and could cause a market crash. >> that was nbc's andr
. >> on january 1st, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases. >> reporter: so what exactly is the fiscal cliff? it's night mare combination of tax hikes and spending cuts the president agreed to to force themselves into a compromise. so far, they haven't agreed on anything. so barring a last-minute fix at the stroke of midnight on new year's eve, the bush tax cuts expeer. the alternative minimum tax kicks in. more than half of all...
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Nov 9, 2012
11/12
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they said the fiscal cliff spending cuts and tax increases that kick in at the end of this year would push the economy into another recession. on the campaign trail the president made clear he wants a deal that includes tax reforms and new incentives for businesses that keep jobs in the united states, but he also wants tax increases on wealthier americans, something republicans say they will refuse to consider. reporting live from washington dc, allison byrnes ktvu channel 2 news. >>> a penalty phase hearing continues today for a convicted of killing two people. prosecutors wants death penalty for nathan barris. he threatened to kill them after he fired them. back in 2008, he sent a letter to barris's former girlfriend, debra ann ross warning he may be a threat to her. those fears proved to be true on august 11th, 2009, that's when authorities say barris shot ross who was a toll take and are shot and killed her friend. >>> an ancient fossilized tooth that was dug up is on display at the academy of sciences. a train operator found that tooth just two months ago. it was buried about 110
they said the fiscal cliff spending cuts and tax increases that kick in at the end of this year would push the economy into another recession. on the campaign trail the president made clear he wants a deal that includes tax reforms and new incentives for businesses that keep jobs in the united states, but he also wants tax increases on wealthier americans, something republicans say they will refuse to consider. reporting live from washington dc, allison byrnes ktvu channel 2 news. >>>...
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Nov 8, 2012
11/12
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that includes the massive fiscal cliff spending cuts and tax hikes. >>> a former baltimore mayor has been charged with violating her probation. maryland corrections officials say sheila dixon is behind more than $13,000 on the $45,000 she agreed to pay to charity. dixon is currently on probation for theft and perjury charges. she resigned in 2010 after pleading guilty. >>> new revelations in the deadly meningitis outbreak. several warnings about the new england company that maintain the steroid shots were sent from colorado to the massachusetts board of pharmacy. they dealt with the company allegedly violating its license. rorldz show the warnings were made -- records show the warnings were made before july 2011. the outbreak has sickened more than 400 people nationwide, killing 39. >>> more gambling coming to maryland now. up next of course voters approved question seven so how ? on will we see that new slot we'll get a full report coming up. >>> new york and new jersey already slapped with sandy getting hit hard once again. we are checking our weather and traffic. stay with us. we'
that includes the massive fiscal cliff spending cuts and tax hikes. >>> a former baltimore mayor has been charged with violating her probation. maryland corrections officials say sheila dixon is behind more than $13,000 on the $45,000 she agreed to pay to charity. dixon is currently on probation for theft and perjury charges. she resigned in 2010 after pleading guilty. >>> new revelations in the deadly meningitis outbreak. several warnings about the new england company that...
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Dec 31, 2012
12/12
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capitol hill is not, and that is what the fiscal cliff is so very important because they're spending so much more money than they're taking in, running into debt that we are going to have to pay for down the road. when we come back, going over the fiscal cliff or not is one of the many issues facing the market. what should you expect to happen with your money? our debate is next. plus, your reaction. ♪ music is a universal language. but when i was in an accident... i was worried the health care system spoke a language all its own with unitedhealthcare, i got help that fit my life. inrmation on my phone. connection to doctors who get where i'm from. and tools to estimate what my care may cost. so i ner missed a beat. we're more than 78,000 people loong out for more than 70 million americans. that's health in numbers. unitedhealthcare. you know how painful heartburn can be. for fast, long lasting relief, use doctor recommended gaviscon®. only gaviscon® forms a prective barrier that helps block stomach acid from splashing up- relieving the pain quickly. try fast, long lasting gavisc
capitol hill is not, and that is what the fiscal cliff is so very important because they're spending so much more money than they're taking in, running into debt that we are going to have to pay for down the road. when we come back, going over the fiscal cliff or not is one of the many issues facing the market. what should you expect to happen with your money? our debate is next. plus, your reaction. ♪ music is a universal language. but when i was in an accident... i was worried the health...
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Nov 30, 2012
11/12
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FOXNEWSW
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and the domestic spending cuts. fiscal cliff is not cutting spending. it's about preventing a tax increase that preventing spending cuts. now the republican arguement is more complicated. to use the deadline, legitimate argument. i agree with it in principle. use the deadline to get the longer range spending cuts. the president can say fine, i want to negotiate those next year. can't do it in three weeks. incidentally, speaker boehner what medicare cuts are you for, he will say? if the republican position, the republicans campaigned against $716 million in medicare cuts from the current program. republicans for medicare reform. not for squeezing the current program. they will say i want to give the middle class, make sure the middle class tax rate stay where they are. i don't want the republicans to squeeze medicare more than we did, have done in the past. i'm worried. that the president has an awful lot of leverage. >> bret: but you have the democrats, juan, like mike pryor of arkansas who told politico this -- "as you know people around here like the
and the domestic spending cuts. fiscal cliff is not cutting spending. it's about preventing a tax increase that preventing spending cuts. now the republican arguement is more complicated. to use the deadline, legitimate argument. i agree with it in principle. use the deadline to get the longer range spending cuts. the president can say fine, i want to negotiate those next year. can't do it in three weeks. incidentally, speaker boehner what medicare cuts are you for, he will say? if the...
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Dec 31, 2012
12/12
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WBAL
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the spending cuts and tax hikes are expected to take effect. >> the night before the fiscal cliff. the senate gave up until tomorrow. >> there is still time to reach an agreement. >> they dropped the demand to cut social security. >> i am optimistic we can live move legislation and get this averted before tomorrow. >> the taxes will go up on most americans. huge cuts kick in. >> i think it is obvious president obama wants us to go over the fiscal cliff. >> president obama blamed republicans. >> they say the biggest priority is making sure they deal with the deficit in a significant way. they are behaving in a way that they're only priority is that the tax breaks for the wealthiest americans are protected. blacks mitch mcconnell is vowing to find out. -- >> mitch mcconnell is vowing to find out. >> can the senate veteran help congress tumble to a deal on the last day? >> if we do go off the fiscal cliff, congress would be more likely to make a deal. members could claim they are cutting taxes. >> thank you. if america does fall off the fiscal cliff on the first of the year, maryland
the spending cuts and tax hikes are expected to take effect. >> the night before the fiscal cliff. the senate gave up until tomorrow. >> there is still time to reach an agreement. >> they dropped the demand to cut social security. >> i am optimistic we can live move legislation and get this averted before tomorrow. >> the taxes will go up on most americans. huge cuts kick in. >> i think it is obvious president obama wants us to go over the fiscal cliff....
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Aug 22, 2012
08/12
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cliff of spending and tax cuts. good evening, i'm judy woodruff. >> ifill: and i'm gwen ifill. on the "newshour" tonight, we assess the dire forecast and the elusive fixes. >> woodruff: then, as the presidential hopefuls spar over health care, education and more, we talk to four political reporters in four swing states. ( coughing ) >> ifill: betty ann bowser has the story of the comeback of whooping cough with infants at greatest risk. >> four doctors stood there and they were all crying and they told us there was no way the machine was going to work any longer and they took her off life support and then she tried to take a breath and within seconds she was just gone. >> woodruff: lindsey hilsum reports on the thousands of refugees fleeing the west african nation of mali to escape the rule of islamic militants. >> the people coming across the border paint a picture of a region that's descending into chaos. they're terrified of the armed men who are roaming northern mali and imposing their version of sharia. >> ifil
cliff of spending and tax cuts. good evening, i'm judy woodruff. >> ifill: and i'm gwen ifill. on the "newshour" tonight, we assess the dire forecast and the elusive fixes. >> woodruff: then, as the presidential hopefuls spar over health care, education and more, we talk to four political reporters in four swing states. ( coughing ) >> ifill: betty ann bowser has the story of the comeback of whooping cough with infants at greatest risk. >> four doctors stood...
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Nov 28, 2012
11/12
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cliff. we'll take a look at that. yahoo!'s melissa meyer talks out for the first time. >>> welcome back, everybody. it's 5:12 right now. yahoo! ceo melissa meyer will meet with president obama today. >> although she did speak out for the first time at a fortune magazine event last night. fortune listed her in its most powerful women list. video here from the fortune event provided by the magazine to the "today" show. meyer is the youngest ceo in the fortune 500. she said her top three priorities are god, family and yahoo!. we're going to hear more about this. meyer will be meeting with the president as well, the leader this afternoon. google also busy in washington. bloomberg reports larry page, the ceo, has been meeting with federal trade commission as we get this much closer to what many see as antitrust. at question, does google use its search results to strengthen its own business interests. for that and the rest of your news, we'll turn to bertha coombs at cnbc. >> good morning, scott.
cliff. we'll take a look at that. yahoo!'s melissa meyer talks out for the first time. >>> welcome back, everybody. it's 5:12 right now. yahoo! ceo melissa meyer will meet with president obama today. >> although she did speak out for the first time at a fortune magazine event last night. fortune listed her in its most powerful women list. video here from the fortune event provided by the magazine to the "today" show. meyer is the youngest ceo in the fortune 500. she...
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Sep 22, 2012
09/12
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FBC
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especially if we fall off of the fiscal cliff. if we had the deep spending cuts and increases in taxes that are part of the worst-case scenario. in that case we will probably get a contraction by gdp. that will definitely put us in a painful recession, unemployment will soar well above 10%. gerri: you look at what happened as we approach this fiscal cliff. the one, two, three punch, if you will. the bush tax cuts go away. that hurts. then we have obamacare taxes that come into play. finally, the alternative minimum tax. that starts to hurt millions of americans. there are all kind of additional taxes that come into play also. it is my feeling that americans really do not know the breath of changes that they will be facing coming next year. >> the average tax increase will be close to $4000 for each and every american. that will prove costly. one thing we want to remember is that the united states went through a period where there was a sharp contraction through government. i am talking about the end of world war ii. since we have
especially if we fall off of the fiscal cliff. if we had the deep spending cuts and increases in taxes that are part of the worst-case scenario. in that case we will probably get a contraction by gdp. that will definitely put us in a painful recession, unemployment will soar well above 10%. gerri: you look at what happened as we approach this fiscal cliff. the one, two, three punch, if you will. the bush tax cuts go away. that hurts. then we have obamacare taxes that come into play. finally,...
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Nov 19, 2012
11/12
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forty-two days until the united states jumps off the fiscal cliff. that is if the white house and congress don't get their act together first. that means $600 billion in across-the-board spending cuts and tax increases, hitting every single american taxpayer right in the wallet. it's not just us but get hit hard, amid all the uncertainty, companies are scaling back their investment plans. according to "the wall street journal", u.s. companies are cutting their spending plans in the fiscal and economic uncertainty, and doing so at the fastest pace in the a recession. it goes on to say that companies are not planning to spend this year or next year. i am joined by jeffrey miron. welcome back to the show, jeffrey. good to see you. i want to start with some breaking news that we had. moody's just announced that they are cutting france's government rating to aa from triple-a. the s&p data back did it back in january. of course, we mentioned last week that the eurozone is in recession. economies that are expanding and not contracting. is this a winning pos
forty-two days until the united states jumps off the fiscal cliff. that is if the white house and congress don't get their act together first. that means $600 billion in across-the-board spending cuts and tax increases, hitting every single american taxpayer right in the wallet. it's not just us but get hit hard, amid all the uncertainty, companies are scaling back their investment plans. according to "the wall street journal", u.s. companies are cutting their spending plans in the...
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Aug 26, 2012
08/12
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might have to come in and stimulate more or people hit the fiscal cliff. i think the underlying trend is better than we think. >> all of the stimulus we have seen already, it's a real debate on howuch re effecective they can be. do you think they will move the needle in terms of growth? >> i don't think so, i've heard people calling for more. corporations need to start hiring or for washington to come together. put policies and gives people a sense of what's going to happen in the future and focusussing o trying to restore economic growth. >> i think the fed ran out of things that could be effective. >> i feel like they keep bailing out the white house. we need to see policy on taxes, on the spending programs. >> i agree, i wouldn't say it's the white house, i think they're equal by culpable. congress made it their mandate to make this president unsuccessful, and that sunt well. >> and there was a slow melt up in the stock market. the market going higher, i guess on the fed or on the corporate balance sheets that appear to be strong. how do you think the m
might have to come in and stimulate more or people hit the fiscal cliff. i think the underlying trend is better than we think. >> all of the stimulus we have seen already, it's a real debate on howuch re effecective they can be. do you think they will move the needle in terms of growth? >> i don't think so, i've heard people calling for more. corporations need to start hiring or for washington to come together. put policies and gives people a sense of what's going to happen in the...
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Aug 22, 2012
08/12
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tonight, as we continue our look at the fiscal cliff, the spending cuts it triggers could mean big setbacks for modern medicine. >> tom: that and more tonight on nbr! captioning sponsored by wpbtni >> susie: pain at the gas pump is back, and that means a late summer getaway is going to cost you more. oil prices moved closer today to the $100-a-barrel level, closing today at $96.68. and gasoline prices have soared almost 30 cents a gallon in the past month. regular unleaded now averages $3.72 a gallon nationwide. but some drivers, like those in california, already are paying all-time highs. that hurts consumers and businesses. erika miller reports. >> reporter: yes, it's costing you more to fill up your car's gas tank. but imagine if you drove this bus, which holds 250 gallons of fuel. >> this one is for $350, and >> reporter: that's only a partial fill-up. a full tank costs well over $1,000. in addition to charter bus trips, kismet offers standard black limousine service. gasoline is the company's biggest expense. >> fuel is approximately 47% of our total overall business model. fuel is wha
tonight, as we continue our look at the fiscal cliff, the spending cuts it triggers could mean big setbacks for modern medicine. >> tom: that and more tonight on nbr! captioning sponsored by wpbtni >> susie: pain at the gas pump is back, and that means a late summer getaway is going to cost you more. oil prices moved closer today to the $100-a-barrel level, closing today at $96.68. and gasoline prices have soared almost 30 cents a gallon in the past month. regular unleaded now...
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spending cuts that are from the sequester ation but what going off the fiscal cliff at least start to chip away at this cancer even if we can agree on this being the best solution to do that yes it would i would argue that we did step off the fiscal cliff and we've been in freefall ever since the bush tax cuts and we passed medicare part d. back in two thousand and one to two thousand and three is when all of these events that took place that created this cliff we've really right now like ron paul said in a recent interview we're just trying to determine really how we're going to land and what we're in for. we stepped over the cliff there's no way of avoiding this no matter what they do. temporary solution does is put it off into the future it's better to take the bad medicine now and suffer a bit now than to do a temporary patch that's just going to make the total problem larger in the future right and you keep referring to two thousand and one to two thousand and three these are the bush tax cuts it was bush that approved medicare part d. without us paying for it or finding a way to
spending cuts that are from the sequester ation but what going off the fiscal cliff at least start to chip away at this cancer even if we can agree on this being the best solution to do that yes it would i would argue that we did step off the fiscal cliff and we've been in freefall ever since the bush tax cuts and we passed medicare part d. back in two thousand and one to two thousand and three is when all of these events that took place that created this cliff we've really right now like ron...